March 24, 2022

Gov’t Reduces Fuel Prices By 15ps

The Government of Ghana has announced a reduction in margins of petroleum price build-up by fifteen pesewas (15%).

This takes effect on April 1, 2022, and will last for three months.

The measure is aimed at mitigating the impact of the rising cost of petroleum products at the pump.

The 15 pesewas reduction reflects reductions in Bulk Oil Storage and Transportation (BOST) margin by 2 pesewas per litre, Unified Petroleum Pricing Fund margin by 9 pesewas per litre, Fuel Marking Margin by 1 pesewa per litre, and Primary Distribution Margin by 3 pesewas per litre.

These reductions in margins are expected to reduce the prices of petrol by 1.6% and diesel by 1.4% as against a 57% and 45% increase in diesel and petrol respectively since the onset of 2022.

Finance Minister, Ken Ofori Atta said that the NPA and the Ministry of Energy are in discussions with the Oil Marketing Companies (OMCs) to reduce their profit margins “within this period of burden-sharing”.

He added that “We anticipate the measures taken to strengthen the currency will help stabilise the prices at the pumps.

Source: Fuseini

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